Monthly ArchiveNovember 2007

chicago-condos Dave on 29 Nov 2007

Condo sales down during third quarter in Rogers Park

A total of 200 condominiums were sold in Rogers Park during the third quarter, making the neighborhood one of the most popular destinations for buyers looking for Chicago Condos For Sale

However, sales in the neighborhood have dropped for the last two years, as problems in the mortgage market and high prices combine to drive many potential buyer to rent.  Sales were down 31 percent in just one year in Rogers Park. 

If you’re selling your condominium in Rogers Park, it will probably take a lot longer to find a buyer than you thought.  The turnover time is now at an average of 140 days in the neighborhood, a 25 percent increase from last year and the longest turnover time that Rogers Park has experienced in more than 15 years. 

Prices are starting to show signs of weakness.  The average sales price during the third quarter was down by almost $1,000 from last year.  A condo in Rogers Park sold for an average of $225,584 during the third quarter. 

However, if demand doesn’t improve in the short term, prices could start to come down even further.  Buyers should be on the lookout for great deals on luxury condominiums in Rogers Park over the next few months. 

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chicago-condos Dave on 28 Nov 2007

Luxury urban living at The Heritage at Millennium Park

Buyers looking for the best luxury condos in downtown Chicago should take a look at The Heritage at Millennium Park.

The development offers luxury condominiums in the heart of the Chicago Loop.  Residents of The Heritage at Millennium Park enjoy incredible views of the downtown Chicago skyline and Lake Michigan. 

The development comes with a number of luxury amenities.  Residents can stay in shape by going for a swim in the heated swimming pool or enjoy a game at the squash courts. 

Residents also enjoy a whirlpool spa, private sun deck, on-site dry cleaning, and a concierge service.  Heated, indoor parking is available at The Heritage at Millennium Park. 

The area is also home to many of the best restaurants, nightlife, and cultural events.  Millennium Park is just steps from home, allowing residents to enjoy one of the most popular new parks in the country throughout the year. 

Sales of condos in the Loop continue to be strong, despite a downturn in the market around Chicago.  According to the Chicago Association of Realtors, sales during the third quarter were up more than 80 percent from the same period last year. 

Find some of the best New Chicago Condos and enjoy an incredible urban lifestyle in one of the best cities in the world.  

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chicago-condos Dave on 27 Nov 2007

Mt Prospect condo market at a glance

Sales of condominiums in the Chicago suburb of Mt. Prospect took a nosedive during the third quarter. 

According to a recent report from the Chicago Association of Realtors, a total of 53 condos were sold in the neighborhood during the third quarter, a 48 percent drop from the same period last year.  It is also the lowest total sales for the quarter since 1993. 

Condo owners and developers looking to sell their home are facing longer waits.  If you are currently selling your condo in Mt. Prospect, it will now take you an average of 99 days to find a buyer, a 13 percent increase from last year.  This is also the longest turnover time sellers have seen in 14 years. 

However, while sales were down and more unsold condos sit on the market, prices in Mt. Prospect continued to climb during the third quarter.  The average sales price during the quarter was $238,019, a 32 percent jump from the same period last year.  This is one of the largest increases for any Chicagoland suburb. 

If demand doesn’t increase and the unsold inventory of condos continues to languish on the market, prices could start to fall in the short term.  Look for excellent deals on Chicago Condos in the neighborhood over the next few months as sellers compete to attract new interest in the area. 

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